Pharmaceutical sector major, Sun Pharmaceutical Industries has recorded a better than expected growth of 32 per cent in net profit to Rs. 881 crore during the third quarter of the financial year due to strong performance from across its business units.
The company said that its net sales increased 33 per cent to Rs. 2,852 crore during the third quarter of the financial year from October to December. Market analysts were expecting the net profit to increase to Rs. 838 crore and the revenue to increase Rs. 2,645 crore.
The EBITDA (earnings before interest, tax, depreciation and amortisation) of Sun increased 31 per cent to Rs. 1,261 crore while its operating profit margin was at 44.2 per cent. The company's unit in the US recorded a growth of 32 per cent to 276 million and accounted for 52 per cent of total sales.
Sun Pharmaceutical's Israel-based subsidiary Taro Pharmaceutical has recorded strong growth in recent quarters contributing to the growth of the company. Taro Pharmaceutical recorded a growth of 42 per cent in net profit at USD 89 million on net sales of USD 186 million.